Tax-favored ways to build up a college fund

By |2021-06-15T19:29:59+00:00June 15th, 2021|Latest News|

If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize your expenses. Here are some possible options. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities for eligible

Retiring soon? 4 tax issues you may face

By |2021-06-08T20:03:46+00:00June 8th, 2021|Latest News|

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire: Taking required minimum distributions. This is the minimum amount you must withdraw from your retirement accounts. You

Plan ahead for the 3.8% Net Investment Income Tax

By |2021-06-04T16:03:44+00:00June 4th, 2021|Latest News|

High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact. The NIIT applies to you only if modified adjusted gross income (MAGI) exceeds: $250,000 for married taxpayers filing jointly and surviving spouses,

The long and short of succession planning

By |2021-06-04T16:00:02+00:00June 4th, 2021|Latest News|

For many business owners, putting together a succession plan may seem like an overwhelming task. It might even seem unnecessary for those who are relatively young and have no intention of giving up ownership anytime soon. But if the past year or so have taught us anything, it’s that anything can happen. Owners who’ve built

Many parents will receive advance tax credit payments beginning July 15

By |2021-05-25T18:06:26+00:00May 25th, 2021|Latest News|

Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child tax credits changed? The ARPA temporarily expanded and made CTCs refundable

Still have questions after you file your tax return?

By |2021-05-25T18:04:05+00:00May 25th, 2021|Latest News|

Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering when you will receive your refund? The IRS has an online tool that can

Getting max value out of your CRM software

By |2021-05-25T18:01:41+00:00May 25th, 2021|Latest News|

The days of the Rolodex are long gone. To connect with customers and prospects, many businesses now rely on customer relationship management (CRM) software. These solutions give users easy access to comprehensive information — including detailed notes on existing connections with targeted individuals and companies — that can enhance marketing efforts and boost sales. CRM

Working in the gig economy results in tax obligations

By |2021-05-13T18:05:50+00:00May 13th, 2021|Latest News|

Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the pandemic have caused even more people to turn to gig work to make up lost income. There are tax consequences for the people who perform

Look at your employee handbook with fresh eyes

By |2021-05-13T18:03:53+00:00May 13th, 2021|Latest News|

For businesses, so much has changed over the past year or so. The COVID-19 pandemic hit suddenly and companies were forced to react quickly — sending many employees home to work remotely and making myriad other tweaks and revisions to their processes. Understandably, you may not have fully documented all the changes you’ve made. But

Tax filing deadline is coming up: What to do if you need more time

By |2021-05-06T20:45:52+00:00May 6th, 2021|Latest News|

“Tax day” is just around the corner. This year, the deadline for filing 2020 individual tax returns is Monday, May 17, 2021. The IRS postponed the usual April 15 due date due to the COVID-19 pandemic. If you still aren’t ready to file your return, you should request a tax-filing extension. Anyone can request one

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